Hanwha Group, the seventh-largest conglomerate in South Korea, said Friday that its operating profit for the first quarter spiked to 848.5 billion won ($751.6 million), up 186 percent on-year.

The net profit also soared 343.94 percent during the same period to 819.9 billion won, largely on the back of the group’s disposal of unprofitable businesses. Its revenue slipped 11.23 percent to 12.8 trillion won.

Hanwha Group’s better-than-expected performance was propelled by key affiliates Hanwha Solutions and Hanwha Aerospace, both of whom enjoyed record quarterly performance in the January-March period.

Hanwha Solutions, the solar-to-chemical unit of the group, registered a record figure in net profit worth 385.2 billion won, buoyed by a strong performance in its petrochemical business. Hanwha Aerospace, the aviation unit of the group, logged a record revenue of 1.21 trillion won, thanks to solid performance in both military and civilian sectors.

By Kim Byung-wook (kbw@heraldcorp.com)